Todays best mortgage rates. What can we expect from mortgage rates this week? All Real Estate Professionals & Consumers are advised to stay informed about interest rates and learn THE TRUTH BEHIND MORTGAGE QUOTES. Whether you're a newbee, market analyst (or somewhere in between), keep yourself informed of where mortgage interest rates are going (and why).
The Mortgage Street Smarts of where mortgage interest rates are going (and why):
The following information is current as of Friday 9-16-2011 and will help you understand todays best mortgage rates. If you are a Buyer/Borrower who is still on the fence (or if you are a Real Estate Agent attempting to educate your "on the fence" Buyer), please review these trends and secure an historically low interest rate before it is too late.
The market closed Thursday with a WORSENING to pricing (and will typically warrant a pricing adjustment by most Lenders). Thursday's WORSENING resulted in a change of 9 basis points (bps).
The following chart shows the market activity for today (hint: upward activity is good, downward activity is bad):
The following chart shows market activity over the past 10 days (hint: green is good, red is bad):
The following chart shows market activity over the past 1 month:
Daily Interest Rate Snapshot (sample of rates from one of the country's largest Lenders...individual pricing will vary based on specific Borrower qualifications): NOTE: This Lender has quoted a 1.00% Origination Fee (1 Point) to accompany this pricing. It bears noting that this chart does not necessarily represent todays best mortgage rates.
Market Commentary
Analyst #1 (Neil Trenerry)
FNMA 30-Yr 3.5%
Previous close 101.000
Opened Down 0.19 @ 100.813
Key Economic Data:
UST 5 YR 0.96 Up 0.02
UST 10 YR 2.11 Up 0.03
UST 30 YR 3.37 Up 0.01
EUR / USD 1.3807 Down 0.0070
USD / JPY 76.7695 Up 0.0700
GBP / USD 1.5813 Up 0.0013
Oil 89.10 Down 0.30
Gold 1,790.70 Up 9.30
Key Economic News:
Consumer sentiment, TIC data and the Flow of Funds Accounts:
9:00: TIC net inflows (July). Consensus forecasts expect a rebound in net foreign inflows into long-term US securities during July. We will be watching for any impact of the debt limit debate on inflows into Treasuries.
Consensus: +$30bn; Last +$4bn.
9:55: Reuters/University of Michigan consumer sentiment (September prelim): Small improvement? Daily measures of consumer confidence point to a possible small improvement in the Michigan sentiment measure in early September. However, these leading indicators remain very low, and we believe household confidence remains depressed.
Consensus: 57.0; Last: 55.7 (Aug final).
12:00: Flow of Funds Accounts (Q2). The Federal Reserve will release its Q2 Flow of Funds report today.
Advice:
Market is selling off this morning. I would expect to see a rebound on Monday.
My position on MBS changes back to neutral.
Analyst #2 (Dan Rawitch)
Here is the link to our daily video http://ratewatch.com/ratewatchnow.html
Man, I gotta tell you....the fact that stocks were up and bonds were down yesterday amazed but did not surprise me (does that even make sense?)! Today, Mich Sentiment comes out better than expected but still HORRIBLE. Yet, the DOW keeps climbing.
We have been through plenty of these illogical periods over the last couple of years and they always lead us back to the need to fixate on the technicals and ingnore the fundamentals.
The Technicals have been making me nervous for several days. This is the third time we have tested the top and we are testing the bottom. Be careful, we could hold and find the bottom of the range is strong BUT if do not hold, the next stop is pretty far down.
Trusted Industry Resource
The above information was compiled and distributed by San Diego Residential Mortgage Specialist, Jason E Gordon. As a Certified Mortgage Planning Specialist (CMPS) Certified Distressed Property Expert (CDPE) and Certified Mortgage Coach (CMC), Jason E Gordon utilizes his advanced training to examine a prospective Client's complete financial picture, while carefully listening to their overall goals. If it is mutually agreed that a new loan makes sense to pursue, Jason strives to make the entire loan process as seamless as possible. He truly believes that providing open communication and patient educational guidance to his Clients and Business Alliances has been a pivotal component to building his business, while enhancing his reputation in the Mortgage Industry as a Trusted Advisor. Visit www.jasonegordon.com or www.ApprovingSD.com or more information.
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